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Singapore Bling

By

Cris Prystay

Updated May 21, 2010 12:01 a.m. ET

SINGAPORE--When Swiss authorities lifted the veil of banking secrecy—under pressure from the European Union to expose tax dodgers—Singapore stepped in, promoting itself to the world's ultrarich as a discreet place to park cash. Now, the Southeast Asian city-state hopes to persuade them to store their high-priced collectibles here, too.

This week, doors opened to the Singapore FreePort, a super-secure, state-of-the-art facility that operates in its own duty-free zone next to Singapore's Changi Airport. The largest such...